Business is booming.

How to become a loan officer in California


The average mortgage loan officer in California gets paid a base salary of $183,484 per year, according to Indeed.com. The average commission for a mortgage loan officer in California is $11,750. It should be noted, however, that these figures likely represent top earners. Depending on the job site, MLO officer salaries can range from as little as $41,000 per year to $87,000 per year.

The following chart is a breakdown of salaries by years of experience in California, according to Indeed:

how to become a loan officer in California: table showing salaries per years of experience.  

Mortgage loan officers in California make an annual commission of $56,000 on average, again according to Indeed.com. But how much does a loan officer in California make per loan? Typically, commissions range from 0.5% to 2.5% of the home loan amount. This is based on the general understanding that you earn more money if you generate your own leads. It is also common for higher commissions to be offered as incentives if the loan officer reaches a monthly quota or sells a premium product.

Here is an example of one Quora user’s commission as a mortgage loan officer in California: at a commission of 1.25% for a $400,000 home loan, you can make $5,000 per loan. Typically, even inexperienced loan officers can realistically make two of these types of loans per month, which equates to a monthly commission earning of roughly $10,000.



Source link

Comments are closed, but trackbacks and pingbacks are open.